Question

the premiums paid by an employer for his employees group life insurance group life are usually considered to be

Answer 1

The premium paid by an employer for group life insurance group life of its employees is usually considered a business expense.

Business expenses are the money the company spends when it is doing business. Usually, these expenses are issued at certain times, such as paying salaries or monthly bills. For every company, knowing its expenses is a key part of its business activities.

Here are some reasons why business expenses are needed by companies.

1. Keep track of the costs incurred when doing business, Business expenses help companies know how much they spend and how they compare to their income.
2. View various expenses by category, The advantage of business expenses is that every expense incurred will be recorded by category.
3. Recording expenses for taxes, many business expenses incurred are classified as deductible expenses. Quoting from my tax, deductible expenses are tax deduction costs.
4. Manage business expenses, another reason why business expenses are so important is that you can find out the various costs that have been incurred.
5. Knowing the company's profit rate quickly, the level of profit or profitability is the difference between revenue and business expenses.

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